Each borrower has their own unique scenario when they’re trying to obtain real estate financing. This was the case of a client that MortgageDepot Loan specialist Boris Bast encountered and for whom he successfully helped secure financing for, from our branch office located in Orlando, Florida.
The property in question was a mixed use, commercial building consisting of three units, 1 commercial space with two residential units. With Boris’ expert assistance, the borrower obtained a 30-year fixed rate mortgage at 3.75% without a pre-payment penalty that enabled them to pay off their previous adjustable rate commercial loan. And this included additional cash out for the borrower as well!
Initially the client was daunted by a number of factors that needed to be addressed. Although the borrower’s debt-to –income was over 50%, Boris was able to obtain approval for them in spite of these obstacles borrowing for a home mortgage. With Boris’ guidance, the client also obtained a sufficient insurance policy, as her previous coverage didn’t provide adequate coverage.
This reflects MortgageDepot’s dedication to finding the best mortgage products based on each client’s individual needs and financial goals. If you’re a homeowner seeking to refinance or even a first time homebuyer in New York state or Florida, contact Boris or any of the skilled mortgage professionals at MortgageDepot today to obtain mortgage financing your home or business.